I see something similar, although not exactly what you’re describing. There’s definitely something wonky.
Strangely, this only occurs with an HEVC 4K HDR source. An AVC 4K SDR source doesn’t behave the same way.
I only see one Optimized Version being created. Any additional Optimized Version that I request isn’t physically created, even with very different settings.
If I first create a Universal Mobile version, any subsequent versions aren’t physically created at all.
If I remove those, and then create a Universal TV, 20 Mbps, 1080p version, it is created as expected. If I then create an Universal TV, 2 Mbps, 720p version, it is not physically created.
If I delete the first version, the next subsequent version is created as expected.
The reason I asked about Disable video stream transcoding is a similar-ish bug I encountered. This all smells 
like it could be related.
